1993 (2) TMI 3

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....adesh High Court answering the question referred to it under section 256(1) of the Income-tax Act, at the instance of the Revenue, against them. The two questions referred read as follows : " (1) Whether, on the facts and in the circumstances of the case, the profits of Rs. 41,666 derived by the assessee were from an adventure in the nature of trade? (2) If the answer to the above question i....

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....on received under the sale deeds was Rs. 52,285. The Income-tax Officer brought the difference amount to tax treating the transaction as an adventure in the nature of trade. The assessees questioned the same by way of an appeal before the Appellate Assistant Commissioner. It was dismissed. The matter was then carried in further appeal to the Tribunal. The Tribunal allowed the appeal holding that t....

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....igh Court was in error in coming to the conclusion it did. On the other hand, the Tribunal seems to have made certain assumptions while coming to the conclusion in favour of the assessees, which were not really warranted. The Tribunal refers to the " background of the ladies " as one of the circumstances inducing it to come to the conclusion in favour of the assessees but it has not taken care to ....